Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1887-10-26
THE NATIONS FINANCES.
Business again progressing again and
Confidence restored.
WASHINGTON, Oct 25.

WASHINGTON, Oct %.
Secretary Fairchild, in speaking of the re-
cent stringency in the money market, said to
a reporter yesterday:
"Now tell me. For the past 60 days We
have, been hearing so much about stringency
in the money market and threatened panics,
growing out of scarcity of money in circula-
ton, which was attributed to the surplus.
would like to know your opinion of the rela-
tions of the money in circulation now and say
Is months ago."
Disclaiming any means of forming an opin-
on except upon current belief, the secretary
insisted upon an answer, which was given to
the effect that there was undisguised alarm
in financial circles, which seemed to indicate
scarcity of money.
The secretary remarked: "That was the
public belief, and illustrates how readily men
10 business may become stampeded by illusive
or magnified dangers. Now | have the fig
ures in my hand to show that during the past
10 months the amount of money 10 tie hands
of the people has increased upward of one
hundred and three millions. Or to make it
clearer, the government holds that amount of
cash less to-day than it did year and three
months ago. This, of course, includes the
annnnts disbursed in anticipation Of interest
and purchase of bonds.
II may add that if business or the moving
of the crops, or any branch of enterprise was
suffering from stringency in the money mar
ket, the money must have been locked up in
the banks. 1t was not held by the govern
ment What is in the banks we consider
available to the people, at least there is no
power in the government to control it."
In regard to the surplus and future move
ments the se cretary said: Il hear no express
sions of apprehensions tor uneasiness any
where. | infer from that that the alarm is
over. 1t is well for the government where it
can do so consistently to contribute not only
its moral but substantial support in prevent
ing a stampede. From all accounts business
is progressing and confidence is restored"
Speaking Of the surplus the secretary SAID
| .'Tbe surplus in the hands of the government
is less than wenty- five millions. Everything
is quiet, therefore we have no plans for the
future except to watch the pulse of the fnan-
| cial world. There are now no signs of dis
turbances and Congress will doubtless meet
without any extraordinary haste such meas
ures as they may see fit to take to steady the
finances and relieve the surplus at that
time"
| Of his forthcoming report the secretary
said "My report will be very short. Its i'm
portant recommendations, if any, have more
relations to the policy of the administration
than to the simple workings OF the depart
ment, will have general consideration and
approval, and in that sense may be more
matters for the President to submit than for
the secretary of the treasury, although the
secre tary does make his report directly to
| Congress. This report is generally supposed
to represent the practical condition OF the
finances and not to consist of abstract disqui-
sitoDs From the facts and figures presented
Congress can draw its own conclusions"